Ord 1996-038 - Laserfiche WebLink

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9flF ARTICL] XI TEXAS WATER DEVELOPMENT BOARD Section 11.01. Application of Article XL The provisions of this Article shall apply so long as the Bonds, or any of them, are owned by the Texas Water Development Board. -~-~ Section 11.02. As-Built Plans. , I I The City shall provide to the Texas Water Development Board a full and complete set of "as-built" plans relating to the project to be fmanced with the proceeds of the Bonds, promptly upon completion of such project. Section 11.03. Annual Audit Reports. The City shall provide to the Development Fund Manager of the Texas Water Development Board, without the necessity of a >\'TItten request therefor, a copy of the City's annual audit report, to be submitted \vithout charge, within 120 days of the close of each City fiscal year. Section 11.04. Final Accounting. Upon completion of the project to be fmanced \vith the proceeds of the Bonds, the City shall render a final accounting of the cost of such project to the Texas Water Development Board. lfthe total cost of such project, as finally completed, is less than originally estimated, so that the proper share of the participation by the Texas Water Development Board is such project is reduced, the City shall return to the Texas Water Development Board the amount of such excess to the nearest multiple of the denomination of the Bonds, whereupon the Texas Water Development Board shall cancel and return to the City a like amount of said Bonds held by the Texas Water Development Board. The Bonds to be canceled and returned shall be chosen in inverse order of maturity. The remainder of such excess (an amount less than .'55,000) shall be deposited into the Bond Fund. Section l1.05. Covenant to Abide with Rules. I The City will abide \v1th all applicable laws of tile State of Texas and Rules of the Texas Water Development Board relating to the loan of funds evidenced by the Bonds and the project for which the Bonds are issued, sold and delivered. Section 11.06. Tax Covenant. The City wiII not take, or omit to take, any action wmch action or omission \vould adversely affect the excludability for federal income ta.x purposes of interest payable on the Bonds or on any series of bonds issued by the Texas Water Development Board or the Texas Water Resources Finance Authority. - """"""'MAR' WW55, ,." DOCS".oaD >lCE.fN 28